Home sales declined across the country in April 2023, including Boston

Yahoo Finance reports that "homeowners are quiet quitting" the sales market, as they hold on to their lower interest rate mortgages and listings are down more than 20% compared to April of 2022. Inventory is low, mortgage rates are high, and only those with the ability to handle a 7% mortgage rate (or wealthy enough to pay cash) are buying homes right now.This is the case in Boston, too. The Boston Globe reports that "prices, sales volume, and new listings have all declined during what is typically one of the busiest months of the year."While the market in Boston is segmented on an almost street-by-street basis, overall, the median price for a single-family home in Greater Boston fell by 3% compared to the previous year and condos fell by about 1%.The Globe article notes that most homeowners have a mortgage rate between 2-3%, which is less than half the current rate and can result in about $1,000 more per monthly payment."Buyers still outnumber sellers" in many Mass towns, "but bidding wars are much more rare."